Comprehensive Notes: Entrepreneurship, Production Systems, Literature & UCSP Key Terms

Vocabulary flashcards covering key terms from the notes across Entrepreneurship, Production Systems, Literature, and UCSP.

Environmental scanning

A process of gathering, analyzing, and dispensing information for tactical or strategic purposes; involves monitoring internal and external environments for detecting early signs of opportunities and threats.

Internal environment

Types of internal information within the organization (vision, mission, systems/procedures, organizational goals) including strengths and weaknesses.

External environment

External information (global and domestic) in politics, economy, society, technology, industry, competitors, opportunities and threats.

Business resources

Assets owned or controlled by the business, including tangible and intangible resources.

Tangible resources

Assets with physical form that the business owns or controls.

Intangible resources

Assets without physical form that the business owns or controls.

Business culture

Also known as organizational or corporate culture; a major force in the internal environment reflecting the business's image.

Culture of the business

The overall culture of the organization as a whole.

Individual culture

Culture of the employees within the organization.

Cultural acceptance

The degree to which employees accept the culture of the unit or business.

Cultural integration

The degree to which all units across the business share and adopt a common culture.

Business structure

Formal organizational arrangement describing hierarchy, communication flows, marketing processes, and functional relationships.

SWOT analysis

A framework for analyzing Strengths, Weaknesses, Opportunities, and Threats.

Strength

A strong attribute or capability that provides advantages in exploiting opportunities.

Weakness

Poor attributes or deficiencies that place the business at a disadvantage.

Opportunity

Business situations (products/services) with potential for profit and growth.

Threat

External events or conditions that may harm the business.

Using SWOT analysis

Use strengths to exploit opportunities and improve weaknesses to avoid threats.

Strengths of the business (examples)

Qualified working force; complete and new physical assets; democratic leadership; motivated workers; valuable intangible assets.

Weaknesses of the business (examples)

Autocratic leadership; demoralized employees; poor equipment; unskilled workers; poor technological structures.

Possible business opportunities (examples)

Innovative products; increased market share; services to new customers; new government programs.

Business threats (examples)

Entry of competitors; stiff government regulations; higher interest rates; cheaper products; unstable peace and order; shifts in customer taste.

Forms of entrepreneurial venture / firms

Different forms of business organization; importance of understanding advantages and disadvantages to choose best fit.

Sole proprietorship

A business owned and operated by one person.

Liability protection

Protection against personal liability for debts and actions of a business; varies by legal form.

Sole proprietorship advantages

Easy and inexpensive to create; owner has complete authority; least regulated; income taxed at owner's personal rate.

Sole proprietorship disadvantages

Owner has unlimited liability; raising capital is difficult; business relies on owner’s skills; death of owner may dissolve the business unless otherwise planned.

Partnership

An unincorporated business with two or more owners sharing decisions, assets, liabilities, and profits.

Partnership advantages

Inexpensive to create; general partners have control; partners can share ideas.

Partnership disadvantages

Dissolving a partner's interest can be difficult; potential personality conflicts; partners may be liable for each other’s actions.

Corporations

A business registered by a state, separate from owners; issues stock; generally provides limited liability and continues after owner changes.

Corporation advantages

Limited liability for shareholders; ability to raise investment money; perpetual existence; potential for employee benefits.

Corporation disadvantages

Expensive to set up; income taxed; possible double taxation on income and dividends.

Decision factors (before choosing legal form)

Willingness to assume liability; desired level of control; expected duration of ownership; skills; access to capital; expenses.

Nature of entrepreneurial venture

Classification by whether the business sells a product, manufactures a product, or provides a service.

Merchandising

Engaged in buying and selling products; typically does not alter the product’s appearance.

Service

Provides services to customers; income comes from services rendered; examples include laundry, beauty parlors, car repair; professional services include law, medicine, auditing.

Manufacturing

Producer of goods; buys raw materials to process into finished products; uses the four Ms in production.

Agriculture

Entrepreneurial venture engaged in producing agricultural goods and animals, selling as raw materials or finished goods.

Hybrid business

An entrepreneurial venture combining characteristics of more than one business type (goods and services together).

Special corporation

Includes cooperatives, joint ventures, and non-profit organizations.

Input (Production System)

Includes manpower, materials, machine, design, and instructions—the resources entering the production system.

Production Process

Transformation/conversion process where materials are changed into finished products with manpower and machine.

Output

Final products from the production process distributed to customers.

Four Ms of production

Manpower, Method, Machine, Materials—the key elements of production and operation decisions.

Manpower

Human workforce; the most critical factor; match qualified employees to the job.

Method

Production method; process or technique of converting raw materials to finished products; involves stages from raw material to completion.

Machine

Manufacturing equipment; selection considers product type, production system, cost, capacity, spare parts, efficiency, and required skills.

Materials

Raw materials needed for production; considerations include cost, quality, availability, supplier credibility, and waste generation.

Design (production input)

Specification or plan for the product or process used in production.

Instructions (production input)

Guidelines detailing how the production process should be performed.

21st Century Literature

Literature focusing on contemporary themes and forms; poetry as a central expressive form using language to evoke emotion.

Stanza

Main building block of a poem; a grouped set of lines or verses.

Meter

Rhythmic structure determining line length; examples include monometer, dimeter, trimeter, tetrameter, pentameter, etc.

Rhyme scheme

Pattern of rhymes at the ends of lines in a poem (e.g., AAA, AABB, ABAB, etc.).

Rhythm

Pattern of sounds in poetry; examples include Iamb, Trochee, Dactyl, Anapest, Spondee, Pyrrhic.

Theme (poetry)

Central idea or message woven throughout a poem.

Tone

The writer’s attitude toward the subject and the audience.

Poetic diction

Lyrical vocabulary used to fit a theme and create a harmonious sound.

Imagery

Sensory language that evokes visual, auditory, olfactory, gustatory, tactile, kinesthetic, or organic experiences.

Visual imagery

Imagery that appeals to sight—colors, shapes, patterns, light and darkness.

Auditory imagery

Imagery that appeals to hearing—sounds, voices, noises.

Olfactory imagery

Imagery that appeals to smell—scents and odors.

Gustatory imagery

Imagery that appeals to taste—flavors and food sensations.

Tactile imagery

Imagery that appeals to touch—textures and temperatures.

Kinesthetic imagery

Imagery that appeals to movement and physical sensations.

Organic imagery

Imagery that evokes internal sensations and emotions.

Metaphor

A figure of speech comparing two unlike things without using like or as.

Simile

A figure of speech comparing two things using 'like' or 'as'.

Personification

Giving human qualities to non-human things.

Hyperbole

Exaggeration used for emphasis or humorous effect.

Litotes

A figure of speech that uses understatement by negating the opposite (often for positive emphasis).

Understatement

Deliberate downplaying of significance or importance.

Euphemism

A mild or indirect term substituted for a harsh or blunt one.

Metonymy

Substituting a word closely associated with a thing for the thing itself.

Synecdoche

A part stands for the whole, or vice versa.

Antithesis

Two opposite ideas placed together to create a contrast.

Oxymoron

Two contradictory terms used together to create a new meaning.

Paradox

A statement that seems self-contradictory but may reveal truth.

Irony

An outcome that is contrary to what is expected.

Onomatopoeia

A word that imitates the sound it represents.

Apostrophe

A figure of speech in which to address an absent or inanimate object as if present.

Fiction

A narrative form that is not real or imaginary but can be based on true events.

Setting (fiction)

The time, place, and conditions of a story.

Characters

Agents in a story who take action; can be round/flat, dynamic/static, protagonist/antagonist, stock, or confidant.

Round character

A well-developed character with deep background.

Flat character

A character with limited information and development.

Dynamic character

A character who undergoes change.

Static character

A character who remains the same.

Protagonist

The main character around whom the story centers.

Antagonist

Character or force opposing the protagonist.

Stock character

A recognizable, conventional character type.

Confidant

A trusted character who provides insight or support.

Point of View

Perspective from which a story is told.

First Person

Narration from the viewpoint of a character using 'I'.

Second Person

Narration addressing the reader as 'you'.

Third Person Limited

External narrator following one main character with limited insight.

Third Person Omniscient

External narrator who knows multiple characters' thoughts and feelings.

Conflict

Problem or challenge in the story.

Man vs Man

Conflict where one character opposes another.